UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13E-3
(Amendment No. 3)
RULE 13e-3 TRANSACTION STATEMENT
UNDER SECTION 13(e) OF
THE SECURITIES EXCHANGE ACT OF 1934
PIVOTAL SOFTWARE, INC.
(Name of the Issuer)
Pivotal Software, Inc.
VMware, Inc.
Raven Transaction Sub, Inc.
Dell Technologies Inc.
Denali Intermediate Inc.
EMC Corporation
VMW Holdco LLC
EMC Equity Assets LLC
(Names of Persons Filing Statement)
Class A common stock, par value $0.01 per share
Class B common stock, par value $0.01 per share
(Title of Class of Securities)
72582H107
(CUSIP Number of Class of Securities)
Andrew M. Cohen |
| Amy Fliegelman Olli |
| Robert L. Potts |
(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices |
With copies to
Alan F. Denenberg |
| Tad J. Freese |
| Martin W. Korman |
Barbara L. Becker |
| William R. Dougherty |
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS TRANSACTION, PASSED ON THE MERITS OR THE FAIRNESS OF THE TRANSACTION OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
This statement is filed in connection with (check the appropriate box):
a. | x | The filing of solicitation materials or an information statement subject to Regulation 14A (§§ 240.14a-1 through 240.14b-2), Regulation 14C (§§ 240.14c-1 through 240.14c-101) or Rule 13e-3(c) (§ 240.13e-3(c)) under the Securities Exchange Act of 1934 (the “Exchange Act”). |
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b. | o | The filing of a registration statement under the Securities Act of 1933. |
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c. | o | A tender offer. |
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d. | o | None of the above. |
Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: o
Check the following box if the filing is a final amendment reporting the results of the transaction: x
CALCULATION OF FILING FEE
Transaction Valuation* |
| Amount of Filing Fee** |
$4,014,941,052.34 |
| $521,139.35 |
* | Solely for the purpose of calculating the filing fee, the aggregate value of the transaction was calculated based on the sum of (a) 104,637,970 shares of Class A common stock, par value $0.01 per share (the “Class A common stock”), issued and outstanding as of October 15, 2019 (to be cancelled in exchange for a cash payment of $15.00 per share) multiplied by $15.00, (b) 131,306,110 shares of Class B common stock, par value $0.01 per share (the “Class B common stock”), issued and outstanding as of October 15, 2019 (excluding the shares of Class B common stock beneficially owned by VMware, Inc. (“VMware”)), which are convertible into an equal number of shares of Class A common stock (each share of Class B common stock to be exchanged for 0.0550 of a share of Class B common stock of VMware, Inc. (“VMware”), par value $0.01 per share), multiplied by $14.98, which is the average of the high and low prices for shares of the Class A common stock as reported on the New York Stock Exchange on October 28, 2019, calculated in accordance with Exchange Act Rule 0-11(c)(1)(i), (c) 23,666,601 shares of Class A common stock as of October 15, 2019 underlying outstanding options that are vested or outstanding options held by non-employee directors of Pivotal Software, Inc. (“Pivotal”), in each case with an exercise price less than $15.00 per share (to be cancelled in exchange for a cash payment of $15.00 per share less the applicable exercise price) multiplied by $7.46 (which is the difference between $15.00 and $7.54, the weighted average per share exercise price of such options), (d) 8,863,611 shares of Class A common stock as of October 15, 2019 underlying outstanding and unvested options after the merger with an exercise price less than $15.00 per share (which, if held by continuing employees after the merger (as defined in the merger agreement), will be substituted with options to purchase shares of Class A common stock of VMware, par value $0.01 per share (the “VMware Class A common stock”)) multiplied by $5.28 (which is the difference between $15.00 and $9.72, the weighted average per share exercise price of such options), (e) 41,007 shares of Class A common stock as of October 15, 2019 underlying outstanding and vested restricted stock units (“RSUs”) and outstanding and unvested RSUs held by non-employee directors of Pivotal (to be cancelled in exchange for a cash payment of $15.00 per RSU) multiplied by $15.00, (f) 15,922,544 shares of Class A common stock as of October 15, 2019 underlying outstanding and unvested RSUs (which, if held by continuing employees after the merger (as defined in the merger agreement), will be substituted with RSUs for shares of VMware Class A common stock) multiplied by $15.00 and (g) a maximum of 1,040,000 shares of Class A common stock as of October 15, 2019 underlying outstanding purchase rights under Pivotal’s 2018 Employee Stock Purchase Plan multiplied by $15.00. |
** | The amount of the filing fee, calculated in accordance with Rule 0-11(c) of the Exchange Act was calculated by multiplying $4,014,941,052.34 by 0.0001298. |
x | Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule, and the date of its filing. |
Amount Previously Paid: | $521,139.35 | Filing Party: | Pivotal Software, Inc. |
Form or Registration No.: | Schedule 14A | Date Filed: | November 4, 2019 |
INTRODUCTION
This Amendment No. 3 (the “Final Amendment”) to the Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (as amended, this “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Exchange Act, by (a) Pivotal Software, Inc., a Delaware corporation (“Pivotal”), the issuer of the shares of Class A common stock, par value $0.01 per share (the “Class A common stock”) and Class B common stock, par value $0.01 per share (the “Class B common stock” and, collectively, the “common stock”) that are the subject of the Rule 13e-3 transaction; (b) VMware, Inc., a Delaware corporation (“VMware”); (c) Raven Transaction Sub, Inc., a Delaware corporation and a wholly owned subsidiary of VMware (“merger sub”); (d) Dell Technologies Inc., a Delaware corporation (“Dell”); (e) Denali Intermediate Inc., a Delaware corporation and wholly owned subsidiary of Dell; (f) EMC Corporation, a Massachusetts corporation and an indirect wholly owned subsidiary of Dell (“EMC Corporation”); (g) VMW Holdco LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Dell (“VMW Holdings”); and (h) EMC Equity Assets LLC, a Delaware limited liability company and wholly owned subsidiary of Dell.
This Final Amendment is being filed pursuant to Rule 13e-3(d)(3) to report the results of the transaction that is the subject of this Transaction Statement.
ITEM 15. ADDITIONAL INFORMATION
(b) Golden Parachute Compensation. Not applicable.
(c) Other Material Information. The information set forth in response to Item 1011(c) of Regulation M-A is hereby amended and supplemented as follows:
On December 27, 2019, at a special meeting of Pivotal’s stockholders, Pivotal’s stockholders voted to adopt the Agreement and Plan of Merger, dated as of August 22, 2019, by and among Pivotal, VMware and merger sub (the “merger agreement”), as contemplated by the merger agreement.
On December 30, 2019, Pivotal filed a Certificate of Merger with the Secretary of State of the State of Delaware, pursuant to which merger sub was merged with and into Pivotal (the “merger”), with Pivotal continuing as the surviving corporation. As a result of the merger, Pivotal became a wholly owned subsidiary of VMware.
At the effective time of the merger, (a) each outstanding share of the Class A common stock (other than shares held in treasury or shares owned by Dell, EMC Corporation, VMW Holdings, VMware or merger sub that were not held on behalf of unaffiliated third parties and other than shares owned by stockholders who have not voted in favor of approving the merger agreement and complied with the applicable provisions of the Delaware General Corporation Law to perfect their appraisal rights), was automatically converted into the right to receive $15.00 in cash, without interest and subject to deduction for any required withholding tax, (b) each outstanding share of the Class B common stock owned by Dell (other than each share of the Class B common stock beneficially owned by VMware) was exchanged for 0.0550 of a share of VMware Class B common stock, par value $0.01 per share (the “VMware Class B common stock”), or approximately 7.2 million shares of VMware Class B common stock, (c) each outstanding share of the Class B common stock held by VMware was cancelled without the right to receive any payment with respect thereto and (d) the separate corporate existence of merger sub ceased.
As a result of the merger, Pivotal’s Class A common stock has ceased to trade on the New York Stock Exchange (“NYSE”) and became eligible for delisting from the NYSE and termination of registration under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Pivotal has requested that the NYSE file with the SEC a notification of removal from listing on Form 25 with respect to the delisting of Pivotal’s Class A common stock from the NYSE. Pivotal intends to file with the SEC a Certification and Notice of Termination of Registration on Form 15 in order to terminate or suspend its reporting obligations under Sections 13(a) and 15(d) of the Exchange Act, as promptly as practicable.
Exhibit |
| Description |
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(a)(1)* |
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(a)(2)* |
| Form of Proxy Card (incorporated by reference to the Proxy Statement). |
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(a)(3)* |
| Letter to Stockholders of Pivotal Software, Inc. (incorporated by reference to the Proxy Statement). |
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(a)(4)* |
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(a)(5)* |
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(a)(6)* |
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(a)(7)* |
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(a)(8)* |
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(a)(9)* |
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(a)(10)* |
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(a)(11)* |
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(a)(12)* |
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(a)(13)* |
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(a)(14)* |
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(a)(15)* |
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(a)(16)* |
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(a)(17)* |
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(a)(18)* |
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(a)(19)* |
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(a)(20)* |
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(a)(21)* |
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(a)(22)* |
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(a)(23)* |
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(a)(24)* |
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(a)(25)* |
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(a)(26)* |
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(a)(27)* |
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(a)(28)* |
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(a)(29)* |
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(a)(30)* |
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(a)(31)* |
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(a)(32)* |
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(a)(33)* |
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(a)(34)* |
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(a)(35)* |
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(a)(36)* |
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(a)(37)* |
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(a)(38)* |
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(a)(39) |
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(a)(40) |
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(a)(41) |
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(c)(1)* |
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(c)(2)* |
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(c)(3)* |
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(c)(4)* |
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(c)(5)* |
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(c)(6)* |
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(c)(7)* |
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(c)(8)* |
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(c)(9)*† |
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(c)(10)* |
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(c)(11)* |
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(c)(12)* |
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(c)(13)* |
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(c)(14)* |
| Presentation materials of Goldman Sachs & Co. LLC to the Dell Board dated August 13, 2019. |
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(c)(15)* |
| Presentation materials of Goldman Sachs & Co. LLC to the Dell Board dated August 21, 2019. |
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(c)(16)* |
| Draft Presentation materials of Moelis & Company LLC to the Dell Board dated August 21, 2019. |
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(c)(17)* |
| Presentation materials of Moelis & Company LLC to the Dell Board dated August 21, 2019. |
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(c)(18)* |
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(d)(1)* |
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(d)(2)* |
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(d)(3)* |
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(d)(4)* |
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(d)(5)* |
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(d)(6)* |
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(f)(1)* |
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(g)(1) |
| None. |
* Previously filed.
† Certain portions of this exhibit have been redacted and separately filed with the SEC pursuant to a request for confidential treatment.
SIGNATURES
After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated as of December 30, 2019
| PIVOTAL SOFTWARE, INC. | |
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| By: | /s/ Craig Norris |
| Name: | Craig Norris |
| Title: | President and Secretary |
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| VMWARE, INC. | |
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| By: | /s/ Craig Norris |
| Name: | Craig Norris |
| Title: | Vice President, Deputy General Counsel and Assistant Secretary |
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| RAVEN TRANSACTION SUB, INC. | |
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| By: | /s/ Craig Norris |
| Name: | Craig Norris |
| Title: | President |
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| DELL TECHNOLOGIES INC. | |
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| By: | /s/ Robert L. Potts |
| Name: | Robert L. Potts |
| Title: | Senior Vice President and Assistant Secretary |
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| DENALI INTERMEDIATE INC. | |
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| By: | /s/ Robert L. Potts |
| Name: | Robert L. Potts |
| Title: | Senior Vice President and Assistant Secretary |
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| EMC CORPORATION | |
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| By: | /s/ Robert L. Potts |
| Name: | Robert L. Potts |
| Title: | Senior Vice President and Assistant Secretary |
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| VMW HOLDCO LLC | |
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| By: | /s/ Robert L. Potts |
| Name: | Robert L. Potts |
| Title: | Senior Vice President and Assistant Secretary |
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| EMC EQUITY ASSETS LLC | |
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| By: | /s/ Robert L. Potts |
| Name: | Robert L. Potts |
| Title: | Senior Vice President and Assistant Secretary |